ANNUAL MEETING INFORMATION

 The annual meeting of the shareholders will be held on
 April 16, 2025 at 1:00 PM Central Daylight Time.

 Location:  Majestic Theatre
         224 East Houston Street
         San Antonio, Texas   78205

2025 Proxy Statement

Proxy Card

2024 Annual Report

 The Annual Meeting is open to all of our shareholders. If you are a
 shareholder and plan to attend the meeting, you must present an admission
 ticket, which can be obtained by registering in advance of the meeting at
www.proxyvote.com/register. Shareholders may bring up to two guests;
 however, each guest must also be registered by the shareholder at
www.proxyvote.com/register. Shareholders and their guests must each
 present an admission ticket for admittance to the meeting. If you do not
 have an admission ticket, you will not be admitted to the meeting.


 The below hotels are offering a discount
 to Biglari Holdings Shareholders. Click on
 the link below to book a reservation.

Hotel Valencia

The St. Anthony

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